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. >>> new denials that bp played a role in the release of a convicted terrorist but some u.s. lawmakers are not buying it. this hour, cnn's richard quest presses libya's oil minister about the lockerbie bomber and whether a deal was can you the to free him. apple reveals its response to an embarrassing problem with its newest iphones three weeks after they went on sale. will customers who race to buy these new gadgets be satisfied? i'm wolf blitzer. you're in "the situation room." >>> bp says it is encouraged by what's happening in the gulf of mexico right now. for more than 24 hours a new well cap has been containing the oil that spewed into the water for almost three months. the critical integrity test as it's called and the cap is still under way right now. the worst may, repeat, may be over but as we've seen in this disaster sometimes things can go wrong at any moment. let's check in with cnn's david mattingly joining us now from new orleans. david, you just got off a phone conference with thad allen, the national incident commander. he updated us on what's going on right now. give
: earthquake expert mike blanpied with the u.s. geological survey says earthquakes aren't rare in these parts. new york, southern virginia and the carolinas are more probably, but the d.c. region has had a few relatively minor tremors. >> in this area we're probably not going to get the big one right around here. we could get earthquakes big enough to do some damage and certainly there are many parts of the country that could. >> reporter: no one was injured and there was no damage reported, but people sure are talking about it. weighing in on the did you feel it section of the usgs website calling in to fox 5. but some people never even felt the earthquake sleeping through it, only learning about it hours later. >> as far as i'm concerned it did not happen. >> reporter: nothing except a little rattling and rolling has got folks talking over dinner about the day the earth around the d.c. area shook. >> it was significant. i mean, i hope i never feel that again. >> reporter: the few earthquakes that have happened here have been in the 2.5 range. they haven't been severe to cause much damage. >
.p. began polluting the gulf of mexico and u.s. coastline, the company has a new leader and new strategy. the company's new chief executive, bob dudley, said change is coming, even though he's a longtime b.p. insider. >> we're going to learn a lot, and the industry's going to learn a lot, and there's no question that we will change as a company and from those learnings. >> reporter: included in those changes is an accelerated plan to raise cash by selling b.p.'s non-core assets, or less than 10% of the company's total business. the company is guessing it will need $32 billion to cover costs and liabilities from the spill, well below some worst-case estimates of $60 billion. still, analyst cathy milostan says, by disposing of assets b.p. hopes to show investors it can pay for the mess. >> we're starting to see what i call building blocks of being able to demonstrate that there is cash that they can access to cover oil spill costs. the issue here is, there's still a good deal of uncertainty as to what the future costs could be. that uncertainty continues to dog b.p.'s stock. the shares hav
evening. two big developments tonight concerning the u.s. financial system: the senate passed the most comprehensive financial reform bill since the 1930s. and susie, late today, goldman sachs settled its civil fraud case with the s.e.c., agreeing to pay more than half a billion dollars. >> susie: tom, we begin with that historic reform bill. it's designed to prevent financial crises in the future. the senate approved the legislation by a vote of 60 to 39. the president is expected to sign it into law next week. >> tom: the new rules will mean huge changes for consumers, and for banks across the country, from the big banks like j.p. morgan, citi, and bank of america to smaller regional firms. darren gersh reports. >> reporter: it's a safe bet school kids decades from now will be quizzed on the dodd- frank wall street reform and consumer protection act. they'll be asked about the new financial stability oversight council, and how it was empowered to identify and correct the kinds of risks regulators missed in the great recession; about the new consumer protection bureau, covering most e
and welcome. the u.s. president barack obama has welcomes bp's success in stopping the oil leak in the gulf of mexico. he told reporters it was undoubtedly progress. new research is being done to determine whether the leak can be shut down without new leaks of peering. >> is this the moment the stain of the oil spill starts to vanish from the borders of the gulf of mexico? 1 mile down, this is how it looked last night. the leak gradually being turned off, until the flow was cut to just a wisp of oil. news, but president obama warned americans to be cautious. >> one of the problems is that when the oil stopped gushing, everyone feels like we are done. and we are not. scientists are doing a number of tests. what they want to make sure of to make sure the oil is not seeking out in other ways that could be more catastrophic. -- the oil is not seeping out in other ways that could be more catastrophic. >> is images like this that have battered the reputation of bp. but what have they achieved on the sea bed? the flow of oil was successfully shut off last night. watching for signs of leaks, our ro
reports from washington. >> reporter: it could be the largest leak of classified u.s. information ever. more than 90,000 documents of raw intelligence relating to the war in afghanistan now available for anyone to see on the website. the founder of the antiwar group says the document reveal abuses by u.s. and coalition forces and perhaps even war crimes. >> if governments don't like populations being upset they should treat them better, not conceal abuses. >> reporter: a official is calling the documents a mix of rumor and second hand information. they detail a variety of assessments about incidents over the last six years involving friendly fire, civilian casualties and intelligence officials from pakistan, a u.s. alley cooperating with taliban extremists. >> it is not the content as much as it is there are names, there are operations, there is logistics, there is sources, all of that information out in a public way has the potential, ed, to do harm. >> reporter: it wasn't necessary to have this out there and really it doesn't tell you that much more than we didn't already know, that
in saudi arabia and resurfaced last month in a series of videos. in this particular one he reported u.s. agents abducted him and subjected him to mental torture. then in another video he insisted he was happy here in the united states. he later accused the united states of putting this out as propaganda. well the feds report the nuclear scientist was a willing defector who shared useful information as they call it about iran and that he was free to leave any time he wanted there are suggestions that someone back home may have threatened his family. forcing him to make up the kidnapping story. a story to which he stuck today. >> god willing, i will at an appropriate time prove all these things and show that, in fact, lies come from the mouths of u.s. officials. >> shepard: he better hope so because he is back in iran. but as he greeted his 7-year-old son at the airport today, a report surfaced that those u.s. officials paid him for the information he shared. which, as it turns out, isn't really so unusual. mike emanuel at the pentagon. our government claims it was around $5 million or so
orleans. >>> the u.s. military bars women from combat units. a congresswoman wants that to change since women are getting shot at anyway. she says the policy acts as a glass ceiling. >> reporter: a california congresswoman said if women were allowed into the infantry and other combat jobs it would open up more promotions and better prepare them for attacks and ambushes they are already facing. >> they don't get enough of that training. they don't get enough of that time. >> reporter: the army says all soldiers deployed to iraq and afghanistan get some combat-specific training such as convoy, live fire exercises. reaction to ambush, weapons training, combat life saver training and other skills. when what is in afghanistan i spoke with someone. >> we do this one drill where we have all our gear on, like a full combat load. we do a whole bunch of pushups and sprint and try to shoot so we understand what it's like to shoot under pressure. >> in the civilian world there is a reason human resource supervisors don't become ceos but sales executives do. they are directly involved in what that b
. another ten are all in custody here in the u.s. and as fox 5's bob barnard shows us, one of them is causing quite the sensation. >> reporter: this is youtube video of the russian woman who's now the talk of the cyberworld. anna chapman is her name. she's 28, calls herself an entrepreneur. the c.e.o. of a $2 million international real estate company. her photo is now appearing on newspaper websites because according to the u.s. justice department, chapman is a secret agent, a spy for russian intelligence services. >> she's gorgeous. it's like james bond where all the spies look like super models. >> reporter: showing off her picture on the streets of washington, this is the reaction we got. >> a russian spy. no, she's not. >> cover girl. >> if it's true, it's completely ridiculous. i don't know what information they could be trying to get. everything is probably available on the internet. >> i can imagine she could get quite the information from different scenarios. >> reporter: chapman has appeared in federal court, prosecutors calling her a practiced deceiver and extraordinary a
in potomac maryland. she has been director of special projects of the u.s. chamber of commerce since 2008. >>> outrage at arlington cemetery and the army pulls a pledge to ultimate soldiers who made the ultimate sacrifice. >>> toyota could announce another major recall. >>> mild weather continues. another major recall. >>> mild weather continues. [ clattering ] [ male announcer ] when you're all out of good ideas and you've moved on to the dumb ones, it's time. american standard heating & air conditioning. a higher standard of comfort. it heard what happened to the vcr and the cassette player. and the answering machine. it knows what happens to obsolete technology around here. what you need to help your tv understand is it's not the one that's obsolete. it's the cable technology that's obsolete and fios is the one making it obsolete. it's time for fios. call the verizon center for customers with disabilities visit verizon.com/fios. at 800-974-6006 tty/v. captioned by the national captioning institute --www.ncicap.org-- >> 5:10 on this thursday morning, still dark outside. you can see some
has been pushed back to july 21st. >>> the u.s. army released the name of a soldier from napa who was killed wednesday in afghanistan. chase stanley was one of several soldiers that died. >>> lawmakers in sacramento have passed and the governor has already signed into law a law that will make bart supervisors more responsible. >> reporter: greater trans transparency was used in describing the new law. >> doing nothing was not an option. >> reporter: the new law authored by sandra swanson and signed by governor arnold schwarzenegger appoints an independent auditor. it also creates an 11 member citizen review board to recommend disciplinary action. >> this is a new page in bart's history. >> reporter: the new law is the latest change at bart is the shooting death of oscar grant the iii by mehserle about a year and a half ago. >> things that go wrong prior to this, the bart police department did it themselves. it was our own internal affairs. after january of 2009, that had to stop. >> it gives us another place to go, they look at our training, they look at our policy. they look at
of july holiday and that includes u.s. troops overseas. as reported yesterday, vice president joe biden is making a surprise visit to american forces in iraq. vice president's there working to ina political stalemate ahead of the planned withdrawal of u.s. combat forces. nbc new chief foreign affairs correspondent andrea mitchell is traveling with the vice president. andrea joining us live by phone. another good morning to you. what's on the agenda for you and the vice president today? >> reporter: the vice president is meeting now with with the leader of the government, maliki, one of the contenders to become prime minister, this after another meeting with his rival, allawi. so, meeting the two fractions, coming up with an agreement months after the election, there's a dispute over how to form the government. they say that everything is on track to have a withdrawal of u.s. troops by august 31st. and at that point, we will be down to 50,000 trop troops. from talking to the troops today, an many as we've seen, the vice president was having lunch with them as jill biden, his wife, with h
trial. >>> u.s. news and world report is out with the annual best hospital rankings. johns hopkins is tops again. hopkins has the top ranking for the 20th year in a row. hospital plays first in five specialties and ranked in the 11 ward categorys. good smair didn't hospital and union memorial also made the list. >>> in the health watch report, dick cheney is recovering from surgery after doctors installed a pump to help his heart work. >> reporter: this device known as an l mad is helping former vice president dick cheney's heart pump blood. it relieves pressure on the heart by rerouting blood headed for the left ventricle. >> one goes to the left ventricle or the muscle of the heart and the other in to the aorta, the artery taking blood away from the heart. this device is outside the patient. this is their battery powered part of the device, they are attached to this for the rest of their lives cheney who has had five heart attacksish issued a statement saying the operation went well and expected to resume usual activities. in the past the machines have been used temporarily to bu
earlier this week has now fled the island nation after he was released on bail. in these court documents u.s. prosecutors say michael zatoli admits his real name and patricia mills gave her name. prosecutors say an intercepted message from the successor to russia's kgb spells out the spice' mission. the only goal and tank of our service and all of all of us is security of our country only for reaching this goal you are dispatched to u.s., settle down there, gain legal status and were expected to striking up useful qain assistances broaden -- acquaintances broadening your circle of connections. the feds say they ended their year's long investigation this week because suspected spy anna chapman, the enter knit sensation was about to leave the u.s. they say natalia is asking that her two children now staying with a friend be sent to russia to live with family. bob barnard, fox 5 news. >> the virginia three were ordered back to court for preliminary hearings next wednesday. federal prosecutors say they expect the grand jury in new york to hand down indictments in the coming days. >>> controversi
it was a mistake to release a terrorist who killed almost 200 americans. and some u.s. lawmakers demanding answers: i'm jon scott in for shepard smith on day 88 of our national disaster in the gulf of mexico. tonight, bp reports its new containment cap is holding and there is still no oil gushing into the gulf. we are about halfway through the 4 -hour testing period. the feds say the pressure readings are not quite as high as they would like. in this case high pressure is a good thing. but they are close enough to continue the testing for at least another few hours. after that engineers could decide to call the whole thing off and uncap the well before it possibly causes an even bigger disaster. we have team fox coverage. major garrett live at the white house. first, to the fox report's chief correspondent jonathan hunt live in port sulfur, louisiana. jonathan, what's the fear here? >> well, jon, the fear among the feds is that if the pressure of the oil is not reaching the levels that they thing they should be seeing, it might mean that the oil is leaking somewhere else along the line. if there
leaders trying to encourage them to cooperate closely with u.s. and afghanistan in fight against al-qaeda and taliban. it will be ahead of summit in kabul. in kabul, three civilians and others were wounded in eastern part of city. primary goal of the clinton visit to afghanistan is refine the mission of the 9-year-old war to show leadership from the administration. what can they do to regain confidence? >> hi to you. secretary clinton tells pakistani officials she needs their help to win the war to afghanistan. to get pakistan on board, she will announce billions of dollars that u.s. will funnel to pakistan for water and energy projects. the trip comes as richard hoss, head of council of foreign relations tells newsweek the u.s. needs to rethink afghanistan, we're not winning and it's not worth it. suggesting a drawdown of troops and here is an exempt -- >> haass is a well-respected voice, former advisor for powecolin powell so it will complicate things for clinton and the administration, but others say it's not the time to leave. >> it's a difficult conflict. the risk to pull out w
is on line trying to figure out from the u.s. geological service is what we think might have happened might have happened what is the latest? >> nothing official. i was holding on with two hands with my seat. things are shaking in the studio. checking the site here. i will monitor it and see if we didn't have a local earthquake. it's certainly possible. >> when you are on live tv, you can't what was it? we will check it out for you. we'll be right back.  this doesn't have to be our future. not if the senate acts now on legislation to promote energy efficiency, biofuels, and renewable energy sources. let's make america more energy independent, protect our environment, and create millions of new jobs right here at home - instead of losing those jobs to other countries. if you want to change america's energy future, call your senators and tell them to support clean energy legislation now. >>> live look over our area. tucker what you were searching for apparently we had an earthquake at five minutes after 5:00 this morning. >> breaking news. in fact we did have an earthquake ten minu
into the family garage on thursday. all five dogs have been euthanized. >> u.s. copy right office does bad cards to apple and cell phone carriers today giving aproveal to practice that's were once illegal. and interest there is details of fash-reaching changes for consumers. >> it's a major upset for apple. the copy right office ruled its okay for iphone users to modify phones. once done, iphones won't be restricted to running applications down loaded from apple. >> there is allowing other companies to compete. it's a good thing. and bad for apple. of course. >> jail breaking carries risks requiring coding to be changed in systems. and engineers say it's not easy for amateurs oo. you can see jail break not everyone will be willing to do that. >> in fact, apple issued a warning jail breaking with cause the iphone to become unstable. the associate director of the project sees benefits for consumers and app developer autos they can market these new apps and you know, generate more ideas and get them out there. that consumers can use them without a fear they're violating copy right law to do so. >>
an overnight sensation. posted on an internet website, it shows shirley sherrod a official with the u.s. department of agriculture and obama administration appointee at a naacp meeting this year to help a white farmer who came for aid. >> i was struggling with the fact that so many black people had lost their farmland and here i was faced with having to help a white person save their land. so i didn't give him the full force of what i could do. >> reporter: sherrod said the incident she was describing occurred more than 20 years ago before she worked for the usda, a story she told as an example of overcoming her own prejudices. >> that's when it was revealed to me it was about poor and versus the people who have. >> and tell them the story how i changed while working with him. i used that to help others to see it's not about race. >> reporter: but the reaction was swift and certain. the usda asked her to resign. sherrod said she was driving when she got the call from an agriculture official in washington. >> she said they want you to pull over to the side of the road and submit your res
filmmaker roman polanski is a free man this morning. switzerland refused an extradition request from the u.s. yesterday. polanski fled los angeles in 1977, after pleading guilty to having sex with a teenager. the u.s. says it will continue to seek custody of polanski. >>> another blow for mel gibson in another shocking audiotape. >> the recordings of the angry actor just do not seem to end now. radaronline, has obtained conversations between gibson and his former girlfriend. holding up the ipad now. you can hear the tapes again on radaronline.com. he was captured on tape. using racial slurs as part of the conversation. >> this comes as gibson is the focus of a domestic violence investigation, by the l.a. county sheriff's department. tune into "good morning america." they will air portions of these tapes, edited versions, of course. much of the recordings can't be heard or aired on live television. >> extremely disturbing. >>> other news now. some harsh words from cleveland cavaliers owner dan gilbert are going to cost him. gilbert called lebron james, narcissistic and cowardly last week. and
're accused of living in the u.s. under fake names while operating as russian spies. now prosecutors say two more suspects have confessed to being russian nationals. prosecutors say the couple had two safe deposit boxes, one with $80,000 cash. the other containing $20,000 and fake passports. >> i think the evidence is pretty sound. of course we have to realize that at this point in the case, all that they're doing is putting together enough to show probable cause. so the information that we have so far is certainly not all the information that doj has at that point. >> reporter: we're also learning more about accused spy anna chapman, a woman who lived the high life in new york city. her british ex-husband says he's not surprised by their arrest and their marriage went south when she started having secret meetings with russian friends. >> we certainly don't have all the information but all we know so far is she had some money and some things that people don't normally have. >> reporter: meanwhile the man suspected of funneling money to the spy ring has disappeared from cypress. christopher m
phone and her purse were takennafter she was struck. dandrige remains in the hospital this evening. >> u.s. marine set to return to afghanistan is gunnedddown inside of a baltimore city nightclub. myranda stephens is live downtown with why a night of celebration, turned into tragedy. hello myranda stephens? >> hi kaaen. here outside of the queenns hookah bar near theearea commonly known as the block. it remains closed tonight, afte3 a early morning shooting, left a u.s. marine dead. police say 26-year-old ccase love of new orleans was inside of the after hours lounge with fellow marines, celebrating their redeployment too3 but around 3:15 this morning, police say love got in a fight and was shot in the chest. >> we need people to get outraged. this is a war veteran. someone reeurning to afghanistan for a second tour of duty to serve the country. aad gunned down for no gooo reason at all. >> it is so sad. he had to die here. %-and he dies.ave good time. >> now, police arr talking to witnesses, but so far, have not รบ%med any suspects, or a clear motive. we're live in downtown baltimore my
arrived in tehran today. u.s. officials say he defected to the u.s. of his own free will and was paid $5 million for the information he provided. the official also told nbc news, he had grown noticeably concerned with his family's safety recently. they also note that iranian intelligence officials know he freely communicated with his family while he was here which undermines his kidnap claim them say he took a big chance in returning to iran. as for the money the u.s. paid him, it is in a frozen account and he cannot get to it. >> the vatican issued a revised set of in-house rules making it easier to discipline priest who's sexually abused minors. in its revision, the vatican doubled the statute of limitations in abuse cases from 10 to 20 years from the victim's 18th birthday. the new rules include possession of child pornography and the sexual abuse of mentally disabled adults are added to the list of crimes. the revision does not, however, contain measures to hold bishops accountable for abuse by priests on their watch. it does not require mandatory reporting of sex abuse to authoritie
are in committee. some of the conditions are that you must have entered the u.s. before your 16th beth day, spent five consecutive years in america, graduated from high school or earned a g.e.d. qualified applicants would have six years to complete their college degree or serve two years in the military. and that brings us to our water cooler question of the day. how do you feel about a bill that gives teen immigrants a chance to become an american citizen? email your response to watercooler@wbaltv.com. the time is 6:08, 69 degrees on tv hill. coming up -- the morning's financial news in the bloomberg business report. >> also ahead, a terminal at new york's j.f.k. airport is evacuated because of a bomb scare. details next. >> plus one month ago, a 7-year-old boy from oregon went missing, why police believe the boy is still alive. >> and i'm tony pann. obviously big-time heat is in the forecast, but beat let you know when the heat is going to break. >> welcome back. the time is 11 minutes after 6:00. things are pretty quiet this morning. there's a little bit of haze in the air, but the humidity ac
. hopefully they can start that trend in the u.s. >> it would be great. if you get tired of the news business, do you think you'd ever consider? >> going around to the farm? oh, man. >> look at that. what a pretty couple. >> you're new here and people are starting to get to know you a little better. city guy or country guy? >> much more a city guy. i grew up in suburban new jersey, then north carolina, then new orleans, then back to new york. definitely a city guy. [ female announcer ] experience a world of faster online possibilities with superfast internet your whole family can use. order online now and choose your speed for just $24.95 a month with select services and a 1-year price guarantee. that's a savings of up to $180 in 12 months. stay connected with superfast internet at home. faster browsing, faster downloads all at a great price. plus, at&t high speed internet at home includes access to at&t's entire national wi-fi network on the go at no extra charge. so, order online now and choose your speed for just $24.95 a month with select services a price guaran
for sure. as far as what the u.s. gs says people felt, actually what it felt like map basically. anyone anybody that felt it reported in, the darker highlighted areas here, right around the epicenter is where people felt it the most. you see it's very close to the d.c. area. only about 20 miles away. so this sort of magnitude quake, anything around 4.0 you're going to feel it 20, 30 miles away. that's exactly what we felt. but you don't typically see much in the way of damage with these kind of thing. maybe think, this is completely unusual. why is this happening? 90% of earthquakes that happen across, happen at the boundaries of tectonic plates, like out there in california. you have the san andreas fault. here we're in the middle of a plate. there are faults underneath the crust. certainly down around the i-64 corridor, a fault. many minor faults. generally speaking, not large enough or active enough, fredricka to produce earthquake. the last time, 20, if not 30 years, it's been a while for sure. >> we'll hear about it from plenty of people that we know. rob marciano, thanks so much.
to be devalued. and you're talking about a double-dip recession in the u.s.? absolutely, and in europe, for that matter. where you are looking at a situation of the first wave deflationary hitting the market, as opposed to inflation. from there, you have the amount of liquidity or another stimulus, or multiple stimulus rounds that will have to come into the market. at that point, you'll see the market move back onto a longer turn up trend. we actually would of been better off with sustainability if we had pulled all the way back to the 200 day this particular wave. and we might still, but i tend to think that you're going to see this market just grind higher. will make new highs before the end of this year, go into probably the 1380-1440 range as the next target for next year. ok, a market that simply grind higher, that is so difficult to trade. so what is your strategy, short- term and long term? short term, if you're not in gold, as get some. get some percentage of your assets into gold. then look for either very auspicious new highs to go with, or for the ultimate break that everybo
in afghanistan is more violent than ever. last month was the deadliest for u.s. troops. and more afghan civilians are dying than ever before. and as more americans die in afghanistan, more americans back home are questioning the war. in december, 52% said the war was worth fighting. today, that number is 43%. the increased fighting has a lot to do with it. as fewer troops die in iraq, support for that war has increased. up 8 points to 42%. but right now, americans are deeply concerned about whether both wars are worth it. the u.s. has spent $1 trillion in iraq and afghanistan. and more than 5,500 men and women have been killed. but still, only about half say the iraq and afghanistan wars have improved long-term american security. the fear for the u.s. in afghanistan, the next few months will only get more violent. and that could further erode u.s. support. >> we're engaged in a contest of wills. our enemies are doing all they can to undermine the confidence of the afghan people. >> reporter: and support in a lot of the skepticism comes from president obama's own party. whereas 57% of republicans
expired back in early june about $3 billion has not been spent. over that same month interest on the u.s. debt in june was $107 billion. we seem to be, you know, talking about spending pennies or saving pennies when we're spending dollars. >> i totally agree. it's a very small amount of money. the fact that it's a very small amount of money also means that any possible effect in stimulating the economy is also very trivial because we're talking about a very small amount of money. the broader thing is it creates the wrong incentive. there's clear evidence that people who are unemployed tend to leave unemployment just before their unemployment benefits run out. it's not just a question... it's not the right way to think about is it are their jobs the right way is are there jobs at low wagers? there would be a lot more jobs out there. that's the adjustment that needs to happen in many cases. but ununemployment insurance and especially very, very long- term unemployment insurance impedes that kind of adjustment. >> tom: christian, i want to.... >> that's.... >> tom: aaddress that job demand
're looking at the u.s. coast guard cutter "resolute." that ship was our ride out here. it took us overnight coming from pensacola. but now we've arrived at our destination behind us here is the very spot where the deepwater horizon rig caught fire, sank to the bottom of the ocean and started that huge environmental and economic disaster. and this is a critical time. one mile beneath my feet, testing is under way that could lead to capping the well. these images of the oil spewing into the gulf may soon be just a bad memory. but you wouldn't know it by what you see on the surface. just some quick observations of what we see out here, it looks like a small city of vessels, about 10 or 20 large ships out there, two of them clearly producing oil, pumping it up from below. that's where we see the large flames erupting as they burn off the natural gas that comes up. i asked our coast guard escort to go in for a closer look. i wanted to see if there was anything going on that might show this catastrophe is turning a corner. but this was as close as we could go. we're about a mile away right now. w
bernanke already said purchases of treasuries use confidence in the u.s.' ability to control rates, you will see those bond rates turn on a dime. >> let's get off of bond rates for a second. the fact is the confidence, the american public does want some confidence that their government is going to start acting sensibly, not spending like drunken sailors. wouldn't that give us some confidence to know that they are trying to fix social security? because it is broken. everybody knows that. >> i'm going to get myself an admiral's hat and a bottle of whiskey and start thinking about spending. i love the way we keep talking about drunken sailors. you know, it is economic stimulus. maybe we can even deploy some social security number towards lending to small business, which is something the banks don't seem to be able to do. >> that's such an -- that is so wrong. >> start with reform by the most privileged and lucky people in this country. >> not meant for any other purpose. >> that's the point. hold on a second. there was a contract made with american citizens when social security was created
the mortgage mess that u.s. banks face, right? it is, on two counts, beejal. first is that sovereign debt isn't suppose i have a credit component. there isn't supposed be fear that a country can't pay you back. especially a country that belongs to the e u. that supposed to be one sovereign giant unit. so that is in the question. and the second part is the numbers are so big. the e c b loaned out 400 billion in one-year term lending. so the numbers are huge, and both counts are different than the mortgage market. yeah, and the european central bank continues offering more liquidity to those banks. but doesn't that just delay the inevitable? because these banks are going to have to take a hit on their sovereign debt sooner or later. they are just on life support right now, it seems. right, and they have done the right things. you have to give the central banks here in the states and in europe the credit for solving a liquidity crisis. but the credit markets seized up and provided liquidity. they pumped the system full of money. and the liquidity problem is solved. what we have now is a solvency
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